fee remains unpaid prior to the date on which this Ministerial Regulation comes into force." This English version is prepared by Legal Department with the sole purpose of facilitating the comprehension

. 2002. ___________________________      This English version is prepared by Legal Department with the sole purpose of facilitating the comprehension of foreign participants in the SEC’s rules and

comprehension of foreign participants in the SEC’s rules and regulations and shall not in any event be construed or interpreted as having effect in substitution for or supplementary to the Thai version thereof

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for FY2019 Bangchak Corporation Plc. | 03 Table of Contents 06 09 29 25 27 31 Executive Important Events Summary Business Performance 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Manag...